Orion Protocol is a chain-agnostic liquidity aggregator that finds the best prices for trading with minimal slippage and spread. The Native ORN token is essential for Orion Protocol staking as part of the novel Delegated Proof of Broker (DPoB) consensus mechanism. This mechanism uses a decentralized network of nodes, known as “Brokers,” to execute transactions throughout the network. Participating in Orion staking entitles users to earn compounding ORN token rewards. Plus, holders of the ORN token gain exclusive benefits throughout the Orion Protocol crypto ecosystem. Furthermore, Orion Terminal gives users access to the entire crypto market from a single, convenient trading portal.
In this article, we’re going to dive deep into the Orion Protocol chain-agnostic liquidity aggregator. We’ll explore the ORN token, Orion Protocol staking, and Orion Terminal. Also, we’ll discuss the Delegated Proof of Broker (DPoB) consensus mechanism and some of the project’s core features. Plus, we’ll take a look at the Orion Protocol enterprise solutions on offer.
If you’re new to the world of blockchain and cryptocurrency, you’ve come to the right place! Moralis Academy is the number-one Web3 and blockchain education suite available online. Regardless of starting experience, we provide expert-guided tutorials in every area of the industry via a variety of learning mediums. Check out our Blockchain and Bitcoin 101 course to gain a firm understanding of blockchain technology. Then, see our Ethereum 101 course to learn how the two most-prominent blockchains compare! This course teaches students about programmable money, the Ethereum Virtual Machine (EVM), and the origin of smart contracts. Or, check out our Crypto for Beginners course to learn how to safely buy, sell and trade digital assets using a crypto exchange account. Join our thriving community of over 30,000 students today at Moralis Academy!
What is Orion Protocol?
Orion Protocol is a chain-agnostic liquidity aggregator that gives users access to “endless liquidity” from multiple sources in one convenient location. The native ORN token plays a crucial role in the platform’s governance via the proprietary Delegated Proof of Broker (DPoB) consensus mechanism. This consensus mechanism functions as a decentralized brokerage and allows ORN token holders to participate in Orion staking.
Orion Protocol makes it simple for traders to find the best prices for token swaps via a single, convenient trading portal with zero spread. Plus, the platform caters to experienced traders, retail, and institutional investors alike. Also, developers can use Orion Protocol as an “open source repository” for creating powerful decentralized applications (dApps) with advanced functionalities.
Furthermore, the platform boasts a broad range of tools and services for enterprise clients and retail investors. This includes portfolio management, trading indicators, and arbitrage opportunity subscriptions. Moreover, the platform provides advanced security, low slippage, minimal gas fees, and large order fulfillment. In turn, this creates a convenient, simple-to-use, and seamless interexchange trading platform for a broad range of use cases.
Exploring the Orion Protocol Crypto Ecosystem
The Orion Protocol crypto ecosystem consists of various modular decentralized services on the Ethereum network. This includes solutions for portfolio management, storing and tracking assets, profit and loss calculations, index funds, liquidity provision, and advanced trading. All funds reside on the Ethereum blockchain and are cryptographically secure using smart contracts. Below, we discuss some of the core features and components of the platform and the broader ecosystem.
Delegated Proof of Broker (DPoB)
Delegated Proof of Broker (DPoB) is the novel consensus model that powers Orion Protocol. The DPoB mechanism operates in conjunction with the ORN token and is an essential part of Orion staking for fulfilling and validating transactions throughout the network.
The Orion Protocol crypto ecosystem operates with a network of “Brokers”, or nodes that run the Orion Protocol software. This enables network participants to execute trades from the chain-agnostic liquidity aggregator via their trading accounts using their computers.
The ORN Token
The native ORN token is an Ethereum-based ERC-20 token at the heart of Orion Protocol. The ORN token is essential for carrying out all network activities throughout the Orion Protocol crypto ecosystem. Also, the ORN token has a hard cap of 100 million tokens. This helps to ensure the sustainability of the asset. Currently, the circulating supply of ORN tokens is around 31.5 million. At the time of writing, the ORN token is trading at $8.05, with a market cap of $253 million, according to CoinGecko.
The ORN token sale was the first of its kind to implement a “Dynamic Coin Offering” (DYCO). During a DYCO, the model offers a price floor to provide participants with “downside protection” without restricting upside potential. In effect, this model means that participants receive their funds back if the token sale is not successful.
Though other currencies can be used to pay for services throughout the platform, using the native ORN token entitles participants to discounted fees and other premium features. This includes margin trading, limit orders, stop losses, and stop-limit orders. Plus, ORN token holders receive alerts for arbitrage opportunities and trading indicators.
Furthermore, beyond the use case as an internal currency and a general utility token, developers need the ORN token to pay for uploading decentralized applications (dApps) to the Orion Marketplace. Moreover, the ORN token can be locked up to facilitate Orion Protocol staking.
Brokers must stake ORN tokens to be eligible for trade execution. The higher the number of ORN tokens staked by a Broker, the more likely they are to be selected. Also, any Orion Protocol user with insufficient funds on particular exchanges can borrow the liquidity they need from a common pool. As this happens, transaction settlement occurs directly on the Ethereum blockchain.
When pools receive order execution requests, the pool can search for the best stakeholders to execute an order using criteria such as stakeholder ratings, fees, and funds available. When the appropriate stakeholder is found, they execute order requests via their own account on an exchange. During this process, orders are guaranteed with a smart contract-based escrow service. This ensures that all parties receive the full and correct amounts they are entitled to.
Non-brokers who participate in ORN token staking can vote for their preferred Broker based on the benefits they share. This increases a Broker’s chance of being selected to execute orders, as ORN tokens used in Orion staking by non-brokers count towards a Broker’s overall stake. Non-brokers have an incentive to vote for Brokers because they share revenues from trades.
The DPoB consensus mechanism encourages all parties to participate in Orion Protocol staking and remove tokens from circulation. Stakers receive compounding rewards, which also helps to reduce the circulating supply and provide a source of passive income. Also, all licensing fees gathered throughout the ecosystem go towards buying ORN tokens from the market to further reduce the supply in circulation. Plus, any refunded ORN tokens from the DYCO token sale are burned. In turn, this will remove up to 80% of circulating tokens.
Orion Terminal is a trading platform that enables users to find the best prices for spot trading. The platform allows traders to access every crypto exchange from a single account, saving users time and reducing the need to learn the nuances of multiple platforms. Also, Orion Terminal offers a frictionless user experience using a sleek and intuitive interface that suits both retail traders and professionals.
Orion Terminal facilitates high-frequency trading with deep liquidity sourced from multiple exchanges. This is made possible by using a single application programming interface (API) to access both centralized and decentralized exchanges (DEXs). In turn, this helps to save time when fine-tuning trading algorithms.
Furthermore, the chain-agnostic liquidity aggregator makes it simple to access the liquidity of multiple networks from a single location. Rather than selecting a new chain to trade the relevant tokens, Orion Terminal offers a seamless, integrated cross-chain service. Currently, Orion Terminal is available on Ethereum and Binance Smart Chain (BSC). However, we can expect to see integrations with Avalanche, Elrond, Polkadot, Cardano, and Fantom in the near future.
Orion Protocol offers a range of tools and services for enterprises. These applications are powered by the native ORN token and operate using the chain-agnostic liquidity aggregator. Below, we discuss some of the core enterprise services the platform has to offer.
Orion Protocol also provides a widget for enterprise trading. Using this widget, enterprises and partner firms can integrate crypto trading using existing applications and websites. The widget features large order splits, a non-custodial liquidity provider, short selling, and margin trading. Accordingly, Orion Protocol makes it simple and straightforward for enterprises to incorporate crypto trading.
The Orion App Store is a marketplace for decentralized applications (dApps). Users can purchase Orion-based applications such as trading indicators created by independent developers. The Orion App store features a range of dApps, including arbitrage apps, investment funds, payments integration systems, and algorithmic trading bots. Plus, developers can make a commission on applications sold via the App Store. Do you want to learn how to build your own algorithmic trading bots? If so, check out the Algorithmic Trading & Technical Analysis course at Moralis Academy!
Orion’s portfolio management application is a trading tool that makes it simple to track assets and rebalance portfolios regardless of the exchange, wallet, or account they’re held in. The application boasts various innovative features, including a trade tracking tool, arbitrage signals, and third-party analytics. Also, paid subscriptions are available for users of the platform to gain valuable insights and trading signals.
Liquidity Boost Plugin
The Orion Liquidity Boost Plugin enables centralized and decentralized exchanges to instantly increase liquidity provision. The plugin uses a custom-built matching engine to connect multiple exchanges in real-time. Also, the plugin boasts the highest number of supported assets throughout the market available in one convenient location.
The Orion DEX kit is a platform that makes it simple for other projects to build and launch a decentralized exchange (DEX). Furthermore, users of the DEX kit gain access to instant liquidity by connecting to the Orion Protocol crypto ecosystem. Using the DEX kit is a super fast and simple way to launch a decentralized exchange. Plus, revenue can be generated via annual fees. Moreover, Orion Protocol serves as a one-stop shop for endless liquidity across the entire DeFi ecosystem.
Exploring Orion Protocol and the ORN Token Summary
The Orion Protocol crypto platform addresses some of the most prominent drawbacks in decentralized finance today. The application provides price uniformity to assets in a simple-to-use application. Plus, the platform draws immense liquidity to minimize slippage while routing orders in a decentralized way, making it less susceptible to hacks. Furthermore, the chain-agnostic liquidity aggregator helps to minimize gas fees while also preventing price manipulation and transaction delays.
The project promotes the mass adoption of blockchain and decentralized finance (DeFi) by facilitating a seamless user experience that addresses many of the issues restricting this technology from mainstream use. Currently, the platform is compatible with Ethereum and Binance Smart Chain (BSC). However, in the future, we can expect to see a broad range of integrations with some of the most prominent blockchain networks in the industry.
Orion Protocol makes it simple for anyone to access the entire crypto market from a single location. Users of the platform can take advantage of deep liquidity along with third-party trading indicators and arbitrage alerts. Plus, users are not required to create an account to access services, as they can do so simply by connecting a Web3 browser wallet such as MetaMask.
Check out the DeFi 101 course at Moralis academy to learn how to safely install and use MetaMask. Here, we teach students how to use MetaMask to interact with some of the most prominent DeFi protocols, including UniSwap, Aave, Compound, and more! Then, why not see our DeFi 201 course to take your DeFi game to the next level? Here, we teach students about crypto arbitrage opportunities, yield farming, flash loan programming, and other exciting potentials. Start your DeFi journey today with Moralis Academy! Also, Don’t forget to follow us on Twitter @MoralisAcademy! We’d love to hear your thoughts about Orion Protocol!